#数字资产市场洞察 "encryption irony drama" in 2025

This year seems to be a comprehensive victory for encryption, but in reality? It's just a performance co-opted by both power and capital.

Think about those iconic events: political players entering the arena, favorable policies emerging, institutional funds pouring in... On the surface, it looks glamorous, but what’s beneath? Encryption is transitioning from a "disruptive tool" to a "systemic tool". The entry of 401k retirement funds is not a good thing—it means treating encryption as a new derivative for Wall Street to exploit. Bitcoin surging to $120,000? Frankly, it’s just an "occupation" by the old financial system through compliant channels.

The most heartbreaking truth is here: every "good news" we cheer for is tying encryption with a thicker rope. The epic liquidation in October was the old system flexing its muscles—showing you who the real power holders are. The so-called "regulatory friendly"? It's not a gift, but rather for better management and taxation.

Don't be blinded by the "compliance bull market." The essence of encryption is independence, unrestrained by a single authority. In the midst of the frenzy, savvy retail investors should keep some bullets for those innovative projects that are truly exploring a "permissionless" future.

The rebels began to cheer at the moment of coronation; is this the prologue of a new dynasty or just a re-skinned old game? Whether you are a bystander or placing your bets, you should have a clear understanding.